Govt. Introduces New CPI Series; January Retail Inflation at 2.75%

The Indian government has unveiled a new series of the Consumer Price Index (CPI) with a base year of 2024, covering a wider range of goods and services and introducing revised weights. This updated index is expected to help in crafting more calibrated fiscal and monetary policies, according to Chief Economic Advisor V. Anantha Nageswaran.

Key Highlights from the January 2026 Data

  • Retail inflation: 2.75% in January 2026 as per the new CPI series

  • Food price inflation: 2.13% year-on-year

  • This is the first data release from the new series, so historical comparisons with previous CPI data are not yet available.

The Ministry of Statistics and Programme Implementation (MoSPI) released the January data on February 12, 2026, in the presence of MoSPI Secretary Saurabh Garg, Chief Economic Advisor V. Anantha Nageswaran, and other senior officials. The new series aims to provide a more accurate measure of price changes across a broader basket of goods and services.

Officials releasing India’s new Consumer Price Index (CPI) data for January 2026, showing retail inflation at 2.75% and food inflation at 2.13%
India unveils a new Consumer Price Index with broader coverage and revised weights. January retail inflation at 2.75%, signaling a more calibrated approach to fiscal and monetary policy. 

Implications for Policy and Economy

Economists believe the updated CPI series will:

  • Provide better guidance for monetary policy decisions by the Reserve Bank of India

  • Allow the government to fine-tune fiscal policy measures

  • Offer more granular insights into inflation trends across food, services, and non-food sectors

Food price inflation remains moderate at 2.13%, reflecting relative stability in essential commodities. The new CPI series also captures price changes in emerging service categories, giving policymakers a clearer picture of evolving consumption patterns.

What This Means for Consumers and Markets

For businesses and investors, the revised CPI provides:

  • More accurate inflation benchmarks for planning and forecasting

  • Insights into consumer spending trends and sector-specific price pressures

  • A basis for adjusting contracts, wages, and interest rates in line with real-time inflation

The new CPI series marks a major modernization of India’s inflation measurement system, aligning it with global best practices and providing a robust framework for economic decision-making.

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